The W Bottom in the volume oscillator is likely to be OK for a bounce, but not a buying opportunity. Note as the S&P is breaking below the black mid-channel bullish market support line, the Arms Ratio for the last 4 days has now been 0.75, 0.85, 0.99, 0.46 all overbought readings that imply the market is not actually getting oversold. The market is entitled to rally, bringing up the Volume oscillator to the neutral area around the zero line, then a new decline is likely that will end in new lows near the green envelope. That oversold condition should produce a new buy for the run up to May.
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